OCSL vs. HTGC
OCSL (Oaktree Specialty Lending Corporation) and HTGC (Hercules Capital, Inc.) are both stocks. Both are in the Financial Services sector — OCSL in Credit Services, HTGC in Asset Management. Over the past 10 years, OCSL returned 6.54%/yr vs 13.55%/yr for HTGC. Their 0.50 correlation means they have sometimes moved together and sometimes differently.
Performance
OCSL vs. HTGC - Performance Comparison
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Returns By Period
In the year-to-date period, OCSL achieves a -2.74% return, which is significantly higher than HTGC's -5.31% return. Over the past 10 years, OCSL has underperformed HTGC with an annualized return of 6.54%, while HTGC has yielded a comparatively higher 13.55% annualized return.
OCSL
- 1D
- -0.85%
- 1M
- -4.84%
- 6M
- 0.58%
- YTD
- -2.74%
- 1Y
- -3.03%
- 3Y*
- -6.47%
- 5Y*
- 0.48%
- 10Y*
- 6.54%
- ALL TIME*
- 3.85%
HTGC
- 1D
- 3.01%
- 1M
- 5.45%
- 6M
- -3.83%
- YTD
- -5.31%
- 1Y
- -2.08%
- 3Y*
- 10.85%
- 5Y*
- 11.05%
- 10Y*
- 13.55%
- ALL TIME*
- 11.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.38M | $23.62M | $24.96M | |
| $5.26M | $5.20M | $7.41M |
OCSL vs. HTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OCSL Oaktree Specialty Lending Corporation | -2.74% | -6.06% | -15.15% | 11.25% | 3.74% | 44.99% | 11.00% | 38.74% | -6.31% | -1.09% |
HTGC Hercules Capital, Inc. | -5.31% | 3.54% | 33.33% | 42.91% | -10.42% | 26.50% | 14.49% | 39.86% | -6.86% | 1.86% |
Correlation
The correlation between OCSL and HTGC is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2008 | 0.50 |
The correlation between OCSL and HTGC shifts across timeframes, from 0.50 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
OCSL:
$1.02B
HTGC:
$3.07B
OCSL:
$1.17
HTGC:
$1.29
OCSL:
9.94
HTGC:
12.74
OCSL:
0.81
HTGC:
0.39
OCSL:
3.49
HTGC:
5.88
OCSL:
0.74
HTGC:
1.44
OCSL:
$293.40M
HTGC:
$548.69M
OCSL:
$174.66M
HTGC:
$474.96M
OCSL:
$121.85M
HTGC:
$343.23M
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Return for Risk
OCSL vs. HTGC — Risk / Return Rank
OCSL
HTGC
OCSL vs. HTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Oaktree Specialty Lending Corporation (OCSL) and Hercules Capital, Inc. (HTGC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OCSL | HTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.02 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | -0.00 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.57 | -0.00 | -0.57 |
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Drawdowns
OCSL vs. HTGC - Drawdown Comparison
The maximum OCSL drawdown since its inception was -59.52%, smaller than the maximum HTGC drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for OCSL and HTGC.
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Drawdown Indicators
| OCSL | HTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.52% | -68.21% | +8.69% |
Max Drawdown (1Y)Largest decline over 1 year | -19.46% | -24.74% | +5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -34.16% | -27.97% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -34.16% | -36.11% | +1.95% |
Max Drawdown (10Y)Largest decline over 10 years | -57.32% | -57.54% | +0.22% |
Current DrawdownCurrent decline from peak | -26.50% | -10.47% | -16.03% |
Average DrawdownAverage peak-to-trough decline | -16.74% | -10.89% | -5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.68% | 11.73% | -3.05% |
Volatility
OCSL vs. HTGC - Volatility Comparison
The current volatility for Oaktree Specialty Lending Corporation (OCSL) is 5.79%, while Hercules Capital, Inc. (HTGC) has a volatility of 6.80%. This indicates that OCSL experiences smaller price fluctuations and is considered to be less risky than HTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OCSL | HTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 6.80% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 18.18% | 20.91% | -2.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.19% | 24.11% | -1.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.08% | 25.93% | -5.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.86% | 27.91% | -1.05% |
Dividends
OCSL vs. HTGC - Dividend Comparison
OCSL's dividend yield for the trailing twelve months is around 13.26%, less than HTGC's 13.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HTGC Hercules Capital, Inc. | 13.40% | 9.99% | 9.56% | 11.40% | 13.77% | 9.76% | 9.02% | 9.49% | 11.40% | 9.45% | 8.79% | 10.17% |
OCSL Oaktree Specialty Lending Corporation | 13.26% | 13.27% | 14.40% | 11.12% | 11.86% | 7.37% | 7.27% | 6.96% | 8.75% | 8.38% | 13.41% | 10.84% |
Financials
OCSL vs. HTGC - Financials Comparison
This section allows you to compare key financial metrics between Oaktree Specialty Lending Corporation and Hercules Capital, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
OCSL vs. HTGC - Profitability Comparison
OCSL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Oaktree Specialty Lending Corporation reported a gross profit of 0.00 and revenue of 65.25M. Therefore, the gross margin over that period was 0.0%.
HTGC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Hercules Capital, Inc. reported a gross profit of 107.33M and revenue of 125.70M. Therefore, the gross margin over that period was 85.4%.
OCSL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Oaktree Specialty Lending Corporation reported an operating income of 0.00 and revenue of 65.25M, resulting in an operating margin of 0.0%.
HTGC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Hercules Capital, Inc. reported an operating income of 64.60M and revenue of 125.70M, resulting in an operating margin of 51.4%.
OCSL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Oaktree Specialty Lending Corporation reported a net income of 34.37M and revenue of 65.25M, resulting in a net margin of 52.7%.
HTGC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Hercules Capital, Inc. reported a net income of 0.00 and revenue of 125.70M, resulting in a net margin of 0.0%.
Frequently Asked Questions
OCSL and HTGC have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HTGC has higher volatility (6.80%) compared to OCSL (5.79%). In terms of maximum drawdown, OCSL dropped -59.52% vs HTGC's -68.21%.
HTGC currently has the higher Sharpe Ratio (-0.00 vs -0.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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